Crowdfunding Success Factors: The Characteristics of Successfully Funded Projects on Crowdfunding Platforms

Proceedings of the 23rd European Conference on Information Systems (ECIS 2015); Muenster, Germany 2015

15 Pages Posted: 15 Jul 2016

See all articles by Jascha-Alexander Koch

Jascha-Alexander Koch

University Siegen - School of Economic Disciplines; University of Siegen

Michael Siering

Goethe University Frankfurt Faculty of Economics and Business Administration

Date Written: April 4, 2015

Abstract

Crowdfunding platforms offer promising opportunities for project founders to publish their project ideas and to collect money in order to be able to realize them. Consequently, the question of what influences the successful funding of projects, i.e., reaching the target amount of money, is very important. Building upon media richness theory and the concept of reciprocity, we extend previous research in the field of crowdfunding success factors. We provide a comprehensive view on factors influencing crowdfunding success by both focusing on project-specific as well as founder-specific aspects. Analyzing a sample of projects of the crowdfunding platform Kickstarter, we find that the project description, related images and videos as well as the question of whether the founder has previously backed other projects influence funding success. Interestingly, the question of whether the founder has previously created other projects has no significant influence. Our results are of high interest for the stakeholders on crowdfunding platforms.

Keywords: Crowdfunding, Kickstarter, Funding Success Factors, Media Richness, Reciprocity

Suggested Citation

Koch, Jascha-Alexander and Siering, Michael, Crowdfunding Success Factors: The Characteristics of Successfully Funded Projects on Crowdfunding Platforms (April 4, 2015). Proceedings of the 23rd European Conference on Information Systems (ECIS 2015); Muenster, Germany 2015, Available at SSRN: https://ssrn.com/abstract=2808424

Jascha-Alexander Koch (Contact Author)

University Siegen - School of Economic Disciplines ( email )

Unteres Schloss
Post Box 29
Siegen, 57072
Germany

University of Siegen ( email )

Hoelderlinstrasse 3
57068 Siegen, NRW 57068
Germany

Michael Siering

Goethe University Frankfurt Faculty of Economics and Business Administration ( email )

Grueneburgplatz 1
Frankfurt am Main, 60323
Germany

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